AUDUSD H4 4 March 2024
AUD/USD, H4
AUD/USD remains range-bound amid a weakening US Dollar, providing support for the pair. However, the Australian dollar faces challenges due to lower-than-expected economic performance in Australia. Consumer price inflation in January stagnates at a two-year low, contributing to expectations of unchanged interest rates. Investors await crucial Australian data releases, including the Services Purchasing Managers Index (PMI) for February and Gross Domestic Product (GDP) for Q4 2023, for additional trading signals.
AUD/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains after breakout.
Resistance level: 0.6535, 0.6615
Support level: 0.6484, 0.6410
AUD/USD remains range-bound amid a weakening US Dollar, providing support for the pair. However, the Australian dollar faces challenges due to lower-than-expected economic performance in Australia. Consumer price inflation in January stagnates at a two-year low, contributing to expectations of unchanged interest rates. Investors await crucial Australian data releases, including the Services Purchasing Managers Index (PMI) for February and Gross Domestic Product (GDP) for Q4 2023, for additional trading signals.
AUD/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains after breakout.
Resistance level: 0.6535, 0.6615
Support level: 0.6484, 0.6410
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